Yesterday ING Real Estate announced it has reached an agreement with its partner Ian Pearce to acquire the remaining 50% shares in real estate company London & Amsterdam Developments. The transaction follows the successful co-operation in the joint venture, which ING Real Estate and Ian Pearce established in 1995. The value of the transaction will not be made public.
As a result of this agreement London & Amsterdam Developments will become a 100% subsidiary of ING Real Estate. By acquiring full ownership, ING Real Estate will strengthen its position in the United Kingdom (UK) and will form a solid basis for future developments. Ian Pearce will remain the Chief Executive Officer of the company with Ben Rainford and Siep Hoeksma as Joint Managing Directors. ING Real Estate is also active in the UK through ING Real Estate Development and asset management activities of Baring Houston & Saunders.
Jan Doets, Chief Executive Officer of ING Real Estate said: 'London & Amsterdam has shown to be a very successful combination of an experienced local developer and a global player like ING Real Estate. The co-operation is a good example of our strategy to expand our business via local know-how combined with our international approach'.
London & Amsterdam Developments is based in London (UK) and employs 18 people.
(source: ING Real Estate)